The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021.
Today, the portal will be fully open to all participating PPP lenders to submit First and Second Draw loan applications to the Small Business Administration. Earlier, the Small Business Administration granted dedicated PPP access to Community Financial Institutions.
The Small Business Administration is continuing its emphasis on reaching smaller lenders and businesses by opening to 5,000 more lenders, including community banks, credit unions and farm credit institutions. The agency also plans to have dedicated service hours for the smaller lenders now that the portal fully re-opened. Small businesses across the Kenai Peninsula that employ under 300 people and was faced with a gross revenue loss of at least 25% because of the COVID-19 pandemic are encouraged to apply for another PPP loan.
Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp and www.treasury.gov/cares.
Other Coronavirus Relief for Small Businesses
- Low-interest Economic Injury Disaster Loans (EIDL) provide working capital to small businesses, non-profits and agricultural businesses impacted by the COVID-19 Pandemic.
- The Shuttered Venue Operators Grant (SVOG) program will provide eligible organizations who’ve had a reduction in revenue due to the COVID-19 pandemic an opportunity to apply for up to a $10 million grant.
- Connect with business experts from the SBA Resource Partner Network to create a resiliency plan, advise you on financing options, and provide other assistance and guidance you need to move your business forward.